The Transfer of a Right Under a Contract Is Called

question 90

True/False

The transfer of a right under a contract is called assignment.

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Definitions:

Capital Leases

Long-term lease agreements that transfer substantially all rights and risks of ownership from the lessor to the lessee.

FASB

The Financial Accounting Standards Board, an independent organization responsible for establishing accounting and financial reporting standards for companies and non-profit organizations in the United States.

IASB

The International Accounting Standards Board, responsible for the development and publication of International Financial Reporting Standards.

Leasing Exposure Draft

A preliminary standard or guideline released for public comment that addresses accounting for lease transactions.